8 convertible notes - something strange here., page-4

the company has been in a trading halt/suspension for a week. first of all, an announcement was expected by the 17th, then it was the 19th - and still nothing - and it all has to do with 8 convertible notes.

"A consultancy contact has also been entered into with Superite (2010) Pty Ltd ( Superite ) (associated with Mr Peter Salter) to provide corporate services to the Company for a period of 2 years from the date the Company achieves an ASX listing. Superite is to pay PFGL a fee of $250 per hour for each hour worked."

lol

just look at the last bit of the above

"Superite is to pay PFGL a fee of $250 per hour for each hour worked."

should shareholders band together, and join a class action, because they have been duped ????- after all, the prospectus clearly states that for every hour, that salter provides "corporate services", then a company called superite, will pay PFGL, $250 - wow - that is money for jam - and far more profitable than mining gold
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in a "very very early post"

"in Post #: 1014 (in the ipo forum), watso mentioned the following:

"this should be a dud float."

in the end, it seems that the company just managed to raise the minimum level of subscriptions. the brave people who put up their funds, ended up with about 1/3rd of the company - and out of the funds raised ($6.5m,... a miserable $1.3m will be spent on exploration - and a similar amount on admin). what the vendors are getting is probably fair - but the promoters are getting far too much.

one thing for certain, is that the taylor family will end up with the tenements, when this little escapade is finished ."

watso has to laugh, but in the same thread, some poster called "miki29", mentioned the following

"As usual, time, not your degrading post will tell."
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where are you miki29 ????????

lol - as usual, time, always proves watso correct .

the taylor family will get their ground back - they did the right thing, and flogged the ground, when the opportunity was there (they would have been idiots, not to) .. when they get the ground back, and if they want to scratch around - then good on them - but it is hard work, getting a few tonnes, from a couple of hundred metres underground.